Crude Price

…….Ben Ndubuwa……The Nigerian National Petroleum Company Limited (NNPC Ltd.) has Said that the on going war between Russia and Ukraine has imparted negatively on Nigeria’s crude export to Asia however export to Europe has so far filled the gap. NNPL provided insight into how the lingering conflict between Russia and Ukraine has impacted Nigerian crude oil inflows in the international ...

Oil prices drifted lower in early trade on Monday, thinned by the Lunar New Year holiday in east Asia, but held on to most of last week’s gains on the prospect of an economic recovery in top oil importer China this year. Brent crude futures retreated by 46 cents, or 0.5%, to $87.17 at 0031 GMT, while U.S. West Texas ...

Once new European Union restrictions on Russian oil products come into force on February 5, Russia could face losses of around $300 million per day, a new report from a Finnish research center predicts. A report, by the independent Helsinki-based Centre for Research on Energy and Clean Air (CREA) said that the existing EU ban on crude oil imports from ...

The Nigerian National Petroleum Company has denied that it exported 17.877 million barrels of crude oil without proper documentations “Our attention has been drawn to an online publication, alleging that NNPC Limited exported 17.877 million barrels of crude oil without proper documentation in four years (2016 to 2020).” The company stated. “The Auditor General’s report in reference did mention 32 ...

Barely 24 hours after the decision of the Organisation of Petroleum Exporting Countries, OPEC, and its allies, to stabilize crude oil prices, report of the United States Energy Information Administration, USEIA, yesterday, forced a sharp drop in the prices across all grades including Nigeria’s Bonny Light. The global average price had trended above $100 per barrel following the OPECs decision, ...

The Federal Government on Monday insisted that it had not raised the pump price of Premium Motor Spirit, popularly called petrol, above the regulated cost of N165/litre. It said the hike in the cost of the commodity, currently between N175/litre and N230/litre, depending on the location of purchase, was done by oil marketers. The government, however, could not explain why ...

Seplat Energy Plc, a leading Nigerian energy company listed on the Nigerian Exchange and the London Stock Exchange, is pleased to announce that it has begun commercial injection of crude oil through the new Amukpe-Escravos Pipeline. The 67km mostly underground pipeline is expected to provide a more reliable and secure export route for liquids from Seplat Energy’s major assets OML ...

RESPONSE have intercepted 148 Jerry cans of petroleum products at Imeko Afon Local Government Area (LGA) of Ogun. This was contained in a statement signed by the 81 Division spokesperson, Maj. Olaniyi Osoba and Troops of 81 Division Nigerian Army (NA) in a joint operation conducted by Operation SWIFT provided to newsmen on Friday. Osoba said that Operation SWIFT RESPONSE ...

The price of crude oil climbed above the $100 mark on Sunday hitting $101.16/barrel after trading for $98/barrel as Nigeria’s oil production increased Marginally. The report stated that Nigeria’s oil production in May 2022 was 1.024mb/d, but this moved up to 1.158mb/d in June. Furthermore, oil marketers in Nigeria maintained an increased pump price for Premium Motor Spirit, popularly called ...

Nigeria’s oil production crashed by about 14.94 million barrels in the second quarter of this year, data obtained from the latest Monthly Oil Market Report of the Organisation of Petroleum Exporting Countries for June 2022 showed. An analysis of figures released by OPEC and the average cost of crude in Q2 2022 obtained from global oil price reports, indicated that ...